Today: Apr 23, 2024

PM Modi’s Cabinet Greenlights US Innovation Handshake for Startup Surge

4 months ago

Key Points:

  • The Indian Government has approved the ‘Innovation Handshake’, a strategic partnership with the United States focused on boosting startups in Critical & Emerging Technologies (CET).
  • A collaboration agreement – the Government-to-Government (G2G) Memorandum of Understanding (MoU) was signed on November 14, 2023, outlining the collaborative structures such as hackathons, special events, as well as programs for ‘Open Innovation’ among others.

High potential for growth and innovation in startups accompanies the new and endorsed strategic partnership between the Indian government and United States. This partnership, aptly called the ‘Innovation Handshake’, underscores a collaborative focus emphasizing Critical & Emerging Technologies (CET).

The foundation of this partnership was laid during the 5th India-U.S. Commercial Dialogue held in March 2023, when U.S. Secretary of Commerce, Ms. Gina Raimondo visited India. The collaboration aims to lend support to startups operating in CET with the initiation of a special team called the ‘TIIG Working Group’ capable of providing the necessary assistance to startups seeking to advance in these fields.

The ‘Innovation Handshake’ partnership was heralded after former President Biden and the Prime Minister of India, Narendra Modi had a joint statement in June 2023. Their joint strategy underlined the grand plan to connect the dynamic startup ecosystems of both countries and aimed to ease business operations by resolving regulatory challenges, stimulating the creation of new ideas and enhancing job creation in new and important technologies.

Formalizing this partnership was the Government-to-Government (G2G) Memorandum of Understanding (MoU), signed on November 14, 2023, encapsulating a broad scope of cooperation plans such as conducting special events dubbed the Innovation Handshake, facilitating private meetings, hosting hackathons, and also planning Open Innovation programs.

Looking ahead, the partnership has also earmarked two crucial events for early 2024. First among these is an investment forum focused on helping U.S. and Indian startups bring their innovative ideas and products to the market. This is followed by a prestigious competition in Silicon Valley where startups from the two nations get the opportunity to share their unique and innovative tech solutions to tackle global challenges. This joint venture promises a gamut of opportunities for startups in both nations and is eagerly anticipated.